In either case, more capital backing would be required and there would be a cost to shareholders if either a share issue is required or a planned buy-back has to be cancelled.

Any attempt at a buy-back would allow the British company to cancel some 2.2 bn of bonds for as little as 30% of their face value.

The company's shares might seem pretty worthless now, but unless you really need the few hundred euros you will get from the buy-back, you might be better off holding tight and waiting for something better in the future.